Thông tư 09/2012/TT-NHNN

CIRCULAR

REGULATING THE USE OF PAYMENT FACILITIES FOR LOAN CAPITAL DISBURSEMENT OF CREDIT INSTITUTIONS, BRANCHES OF FOREIGN BANKS TO CUSTOMERS

- Pursuant to the Law on the State Bank of Vietnam No. 46/2010/QH12 dated June 16, 2010;

- Pursuant to the Law on Credit institutions No. 47/2010/QH12 dated June 16, 2010;

- Pursuant to Decree No. 96/2008/ND-CP dated August 26, 2008 of the Government stipulating the functions, duties, rights and organizational structure of the State Bank of Vietnam;

- Implementing Decision No. 2453/QD-TTg dated December 27, 2011 of the Governmental Prime Minister approving the scheme to step up non-cash payment in Vietnam period 2011-2015;

At the proposal of the director of the Monetary Policy Department;

The Governor of the State Bank of Vietnam promulgates the Circular stipulating the use of payment facilities for loan capital disbursement of the credit organizations, branches of foreign banks to the customers

Article 1. Scope of adjustment and subjects of application

1. This Circular regulates the use of payment facilities for loan capital disbursement of the credit institutions, branches of foreign banks to the customers, contributing to step up the non-cash payment and monitoring the use of loan capital of the customers under purpose agreed in credit contract. 

2. Subjects for application:

a) Credit institutions, branches of foreign banks make lending activities prescribed by the State of Vietnam and relevant regulations of the law.

b) Customers get loan capital at credit institutions, branches of foreign banks

c) Organizations and individuals relating to the use of payment facilities to disburse loan capital

Article 2. Interpretation of terms

In this Circular, the words below are construed as follows:

1.The beneficiary  is organization, individual that have a connection with the borrowers in the sale and purchase of property, payment of costs constituted the property and other costs of the demand for loan under the credit contract signed between the loan borrowers and the credit institutions, branches of foreign banks.

2. Disbursement of loan capital is that credit institutions, branches of foreign banks lend the loan customers an amount of money in order to make payment to the beneficiary under the purpose of loan capital written in the credit contract signed between the borrowers and the credit institutions, branches of foreign banks.

Article 3. Payment facilities used for disbursement of loan capital

1. The credit institutions, branches of foreign banks must use non-cash payment facilities for disbursement of loan and carry out direct payment to the beneficiary, except for the cases prescribed in clause 2 of this Article.

2. The credit institutions, branches of foreign banks consider making decision on using non-cash payment facilities, or in cash or via the settlement account of the borrowers to disburse loan capital for the following cases:

a) Making payment to the beneficiary that is an organization with an amount of less than 100,000,000 million dong (one hundred million dong) for one time of disbursement.

b) Making payment to the beneficiary that is an individual having settlement account at the organization providing payment service with an amount of less than 100,000,000 million dong (one hundred million dong) for one time of disbursement.

c) Making payment to the beneficiary that is an individual not having the settlement account at the organization providing payment service;

d) To offset for the own capital, financial source that the borrowers who have used to carry out investment project, project of production, business, service or investment project, plan in service of life;

dd) To pay salary to the laborers

e) Transmitting the loan to the customers’ settlement account so that they could make payment for the purposes prescribed by the law to execute via the customers’ settlement account.

Article 4. Responsibility of the credit institutions, branches of foreign banks

1. The credit institutions, branches of foreign banks regulate the use of payment facilities consistent with the regulation in this Circular, the measure monitoring the loan capital to ensure the disbursement made in progress of the capital use of the planning, project of loan capital and content agreed in the credit contract.

2. The credit institutions, branches of foreign banks publicly notify customers of the regulations of the State Bank of Vietnam and the credit institutions, branches of foreign banks on the use of payment facilities to disburse loan capital for the customers.

Article 5. Responsibilities of the borrowers

The customers who loan capital at credit institutions, branches of foreign banks are responsible for providing information, documents, payment documents in accordance with regulations of the credit institutions, branches of foreign banks to serve for the consideration to make decision on using the payment facilities to disburse the loan capital as prescribed in this Circular and the relevant regulations of the law; the loan customers take responsibility for the accuracy, honesty of the information, documents provided to the credit institutions, branches of foreign banks

Article 6. Organization for implementation

1. This Circular will take effect since June 01, 2012

2. For the credit contracts signed before the date this Circular takes effect, the loan borrowers, the credit institutions, branches of foreign banks continue to use the payment facilities to disburse the loan capital under the credit contract signed in accordance with regulations of the law or agree on modification and supplement of the credit contract in conformity with regulations of this Circular.

3. Director of administrative department, Director of the Monetary Policy Department and Heads of units under the control of the State Bank of Vietnam, Director of the State Bank of Vietnam, branches in provinces and cities under the control of central authority, Chairman of the Board, Member Council and General Director ( Director) of credit institutions, branches of foreign banks and individuals concerned are liable to execute this Circular./.